A Study On The Resource Allocation Of China's Securities Market

China's securities market rose from the friction and confrontation of transforming from the old economic system to the new one,China's securities market as a new system of investment and raising necessary funds rose and developed for the deep political and economic background. China's securities market has made great contribution to promoting the reform of the market economy and promoting the economic development.however,China's securities market has some some problems rising from the development of China's market,mainly the functions of financial resource allocation of China's securities market has not been brought into full play and low efficiency of the resources allocation especially.when the global financial crisis still exists,China's stock market is confronted with opportunity and challenges,how to develop China's stock market, allocate resources and improve the efficiency of the resource allocation,this is the key problems the paper is to solve.Taking Marxist theory on resource allocation as a guide,the resource allocation theory, the efficient market theory, the efficiency theory, the institutional change theory for reference from Western economics theory,comprehensively making use of historical, logical methods, and the methods of empirical analysis and normative analysis,this paper analyzed the contents, methods, features, efficiency of the resource allocation in securities market,and put forward the evaluation criteria of resource allocation efficiency of the securities market.this paper reviewed the development course of China's securities market,and explained the development law and the changing resource allocation mode of China's securities market,and objectively evaluated resource allocation efficiency of China's securities market.this paper believes that on the whole China's securities market is efficient, China's securities market made great contributions to promoting the reform of state-owned enterprise,the reform of investment and financing system, the restructure of industrial structure and economic growth.but on the micro-level, the efficiency of the resource allocation of China's securities market is not high, which is mainly attributable to China's system. emerging and transitional China's securities markets obviously has specific institutional arrangements in the process of institutional changes,and this particular institutional arrangement has become a constraining factor in the resource allocation of China's securities market: administrative distribution of Listed resourcesAdministration leads to the rent-seeking behavior which increases the cost and difficulty of listed companies; tradable state-owned shares caused "one strong stock", "internal control"; reform of state-owned enterprise is not complete,so property rights of listed companies are not clear, the governance structure of listed companies are not perfect, information disclosure system is imperfect; after reform of the shareholder structure of listed companies,share reform, China's securities market entered into the full circulation, although the resource allocation function was brought onto play, the "size of the non-" and "size limit" which left sfter reform of the shareholder structure of listed companies which will still be resolved. International financial crisis in 2008 has had an impact on China's securities market,the root cause of China's turbulent securities market in 2008 is still its system itself.In view of the problems above, the author of this paper believes that after international financial crisis, China's securities market is facing opportunities and challenges, We should make full use of the opportunities which the world are optimistic about China's economy, taking the U.S. financial crisis as lessons,China's stock market is to strengthen the institutional innovation, to strengthen government supervision over the market, improve the credit system, establish the mechanisms of combining financial innovation with maintaining financial security, according to the principles of market, efficiency and competitiveness, promote the development of China's securities markets, improve the efficiency of resource allocation; correctly handle the relationship between the government and the market,clearly define the role of the government in the market so as to establish a sound governance structure of listed companies, improve the information disclosure system and the effective protection of the interests of investors; taking full advantage of this opportunity of a low carbon economy, establishing green stock market; fostering the cohesion of the securities market to improve stock market efficiency of resource allocation.